The UK government, in a statement, said the deal will boost trade and investment and unlock new opportunities for UK and Nigerian businesses.
UK Business and Trade Secretary, Kemi Badenoch, will witness the signing of the agreement, which will take place in Nigeria.
The agreement will enable Konexa to supply Nigerian Breweries PLC with 100% renewable power, promote sustainable development and clean energy adoption.
Also, the agreement will lead to infrastructure investments of over £14 million.
Speaking on the agreement, Konexa CEO Pradeep Pursnani said it is a very important milestone for parties involved.
Pursnani stated that over the last few years, Konexa has been working on a disruptive model that matches customer energy demand with renewable energy supply.
“We are looking forward to investing more than £120m in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel,” he said.
Meanwhile, the UK government said significant progress has been made in resolving trade with Nigeria in the education and financial sectors, which has created a more favourable trading environment for UK businesses.
It noted that the recent resolution helped to remove restrictions to transnational education investment in Nigeria worth around £55 million over five years.